• Solid Q1 ‘25 results underpinned by improved economic and financial fundamentals of the business.
• Macro uncertainty and volatility counteracted by Company’s optionality and flexibility. Mitigation measures worth over €2 bln in 2025. Net capex now seen below €6 bln. Planned shareholders distribution confirmed.
• Closing of 30% investment by KKR in Enilive while EIP reaches 10% investment in Plenitude, implying over €20 bln in equity value for Eni’s Transition Businesses.
• Achieved another successful application of Eni’s dual exploration model through early monetization of Company’s flagship upstream Baleine/Congo FLNG projects in partnership with Vitol.
• Historic agreement with Cyprus and Egypt to export Cronos gas resources to Europe via Eni infrastructure.
• Development of world-class, financially independent E&P satellite in JV with Petronas underway to maximise the value of Eni’s large gas resources in Indonesia.

Eni's Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the first quarter 2025. Eni CEO Claudio Descalzi said:

“Our solid results in Q1 reflect our continued focus on our strategy, despite the uncertain macro-economic backdrop.  We remain financially disciplined and resolute on leveraging our competitive advantages built on exploration, proprietary technologies, and innovative business models, to deliver transformation and generate value for our shareholders. 

Our outstanding exploration success continues to drive new business opportunities and value. A new financially independent upstream satellite will be created through our JV with Petronas to monetize the vast potential of our discoveries off Indonesia. Additionally, the Dual Model approach has been applied in the farm-out agreements with Vitol ahead of the monetization of our flagship Baleine and Congo FLNG projects, which are expected to generate proceeds of $2.7 bln. Our strategy of growing and creating value through our transition-related satellites is gaining momentum. Enilive and Plenitude closed additional investments and the creation of a satellite for the CCUS business is underway.

We delivered €3.7 bln of proforma adjusted EBIT, €1.4 bln of adjusted net profit and €3.4 bln of adjusted cash flow covering our gross capex of €1.9 bln and shareholders distribution. These results combined with the proceeds from our portfolio management enabled us to reduce proforma leverage to the historical level of 0.12.

Looking ahead we are well positioned to navigate the current downturn. Thanks to our high-quality, high-graded asset portfolio that provides us with significant flexibility, low cash breakeven and resilient financial structures, ensuring disciplined capital allocation and self-funded growth, we are able to optimize our spending and cash plans. As a result, we have identified over €2 bln of mitigating actions, equivalent to around 15 $/bbl of oil price sensitivity effect, and we are able to confirm our 2025 distribution policy within the context of a highly robust financial structure.”

Strategic and financial highlights

Outstanding exploration success underpins E&P actions

• A world-class, self-funded JV entity is being established with Petronas building on our significant gas resources in Indonesia. The JV will target a long-term production plateau of 500 kboe/d with vast upside exploration potential.
• Farm-out agreements signed with Vitol for 30% and 25% participating interests in operated projects Baleine in Côte d'Ivoire (Eni post-closing w.i. 47.25%) and Congo LNG project in the Republic of Congo (Eni post-closing w.i. 40%). Expected proceeds of USD 2.7 bln in line with our dual exploration model.
• Historic agreement signed with Cyprus and Egypt to exploit the sizeable gas resources of the Cronos discovery in Block 6 off Cyprus. Gas to be exported to European premium market leveraging our assets and LNG capacity in Egypt.

Consistent growth of Eni’s transition related satellites

• Sustainable aviation fuels production plant started at the Gela biorefinery, with a capacity of 400 ktonnes/y.
• Completed several Plenitude renewable projects in Italy, Spain and the UK.

Proprietary technologies to drive long-term growth and decarbonization.

• Partnership with Group42 and UAE’s investment vehicle for AI signed to build a hyperscale Data Center at Eni’s hub of Ferrera Erbognone fueled by our ready to be decarbonized gas-to-power capacity.
• Started a collaboration with the UK Atomic Energy Authority to conduct R&D activities in the field of fusion energy.

Innovative financial models and capital discipline to support further deleveraging, deliver value, and generate sustainable returns for shareholders

• 30% investment by KKR into Enilive closed, generating €3.6 bln. Closed second investment tranche of the EIP fund into Plenitude, cashing-in €0.2 bln, EIP now retains a 10% stake in Plenitude.  
• The proceeds from the monetization of Eni’s satellites and success of the Company’s dual exploration model reducing the leverage (on a proforma basis) towards 12%.
• In Q1 ‘25, €1.2 bln of cash returned to shareholders.

Solid set of financial results in Q1’25, underpinned by consistent execution of Eni’s strategy

• Q1 ’25 Group proforma adjusted EBIT up 36% sequentially in a similar pricing environment to € 3.7 bln was driven by excellent E&P results, resilient GGP delivery and steady improvements at our Enilive and Plenitude satellites. The y-o-y change was an 11% decline attributable to Brent prices down almost 10%. Adjusted net profit was €1.4 bln.
• In Q1 ‘25:
  • E&P generated €3.3 bln of proforma adjusted EBIT, up around 20% sequentially due to higher contribution of advantaged barrels and lower expenses.
  • GGP achieved a proforma adjusted EBIT of €310 mln reflecting continuing value maximization from the gas and LNG portfolio.
  • Enilive earned €95 mln of proforma adjusted EBIT, almost doubling sequentially, driven by contribution from the retail business.  Compared to the Q1 ’24, results declined predominantly due to lower biorefining margins.
  • Plenitude reported a proforma adjusted EBIT of €241 mln, in line with the same quarter of 2024.
  • Proforma adjusted EBITDA of the two satellites: Enilive €0.17 bln; Plenitude €0.36 bln.
  • The refining business reported a proforma adjusted loss of €91 mln, lower both y-o-y and sequentially due to a continuing deterioration in products crack spreads. The chemicals business reported a loss of €0.24 bln amidst a prolonged downturn of the European sector due to lower demand and margin pressure from cost-advantaged players.
  • The adjusted cash flow before working capital was €3.4 bln significantly covering gross capex of €1.9 bln. The resulting free cash flow of €1.5 bln and the proceeds from the portfolio management of about €3 bln, mainly relating to the closing of the KKR 25% investment in Enilive, funded €1.2 bln of cash returns to shareholders (including the third instalment of the 2024 dividend for €0.76 bln) and contributed to reduce net borrowings of almost €1.8 bln to €10.3 bln from 2024 year-end.

Outlook 2025

In response to macro headwinds and uncertainty around trade tariffs, the Company is optimizing its 2025 spending plan and will employ its portfolio optionality. Mitigating actions around capex, portfolio, costs and other cash initiatives are expected to offset over €2 bln of negative scenario effects.

• FY gross capex expected to be below €8.5 bln, down from an initial guidance of around €9 bln; net capex is seen below €6 bln from an initial guidance of 6.5-7 bln.
• At a revised scenario of 65 $/bbl for the Brent price, 40 €/MWh for the TTF gas spot price, 3.5 $/bbl for the Standard Eni Refining margin and a EUR vs USD exchange rate of 1.1, the FY Group’s CFFO before working capital adjustments is expected to be at €11 bln. This reflects a better outcome than the changes to the reference scenario imply.
• Oil and gas production is still expected at 1.7 mln boe/d, assuming a FY Brent price of 65 $/bbl.
• FY GGP proforma adjusted EBIT is confirmed at €0.8 bln with an upside to over €1 bln in the event of positive negotiation outcomes and supportive market scenario.
• Enilive and Plenitude:
  • FY proforma adjusted EBITDA respectively of around €1 bln and above €1.1 bln;
  • End of year installed renewable capacity projected at more than 5.5 GW (Plenitude @100%); biorefinery capacity at 1.65 MTPA plus 1 MTPA under construction.

Shareholders return, subject to approval at the Annual General Meeting (AGM) scheduled on May 14, 2025: 5% increase in FY ’25 dividend to €1.05 per share; commencement of buyback programme of €1.5 bln.

• The fourth tranche of the 2024 dividend of €0.25 per share is set to be paid on May 21, 2025.
  The AGM scheduled on May 14, 2025, is due to resolve a dividend of €1.05 per share for fiscal year ’25 to be paid in four tranches, and to renew the authorization for the buy-back program.

Robust balance sheet and leverage expected to be in Plan stated range.

• Leverage in the year expected between 0.15 - 0.2.

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